Spot The Lack Of Difference

Still believe in humans buying and selling stocks, influencing the machinations of broad-based equity valuations based on their aggregate (rational, frictionless, technical, fundamental, and infinitely liquid) beliefs… then what the f**k is this?


[the dark blue line is vwap – the volume-weighted-average-price – a critical level for HFT algos and compyterized market-makers]


Is it any wonder the entire hedge fund community has become nothing more than a nothingburger of overpaid beta-chasers?


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